Borrowers deserve full fee disclosure

Published 4:00 am, Sunday, December 30, 2001

Editor -- Robert Bruss makes an important point in his Dec. 9 column ("How to separate the wheat from the chaff in mortgage fees"), accurately asserting that consumers deserve a full disclosure of all transaction fees.

The California Association of Mortgage Brokers (CAMB) recommends that consumers request an accounting of all fees associated with a transaction. Moreover, originators must be willing to explain in detail all aspects of mortgage loans to consumers.

Fees are not the only aspect of a mortgage transaction that consumers need to consider. CAMB has a series of consumer protection tips that outline the many ways the public can ensure its interests are best served.

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Additionally, CAMB provides free referrals to help consumers identify, interview and select the right professional in their area. Both of these services are available online at www.cambweb.org or by calling (800) 253-2262.

Bruss and CAMB share a common belief: Consumers should never agree to any loan unless they understand and are comfortable with all aspects of the transaction.